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Australia’s benchmark index hit close to a five-year high May 10, increasing 0.2 percent.
Australia’s benchmark index hit close to a five-year high May 10, increasing 0.2 percent. the S&P/ASX 200 index also increased by 7.7 points, coming in at 5,206.1 today, The Sydney Morning Herald reported. Overall, the index rose 1.5 percent for the week, marking the third week straight of increases.
Friday’s high comes on expectations for firms with strong U.S. exposure to have higher earnings after the greenback took out large chart levels against a host of currencies.
“[There’s been] strength in U.S. dependent stocks,” said Stan Shamu, market strategist at IG. “Stocks with high exposure to the U.S. generally benefit when the U.S. dollar is gaining against the AUD.”
Global miners also finished May 10 higher than the day before. BHP Billiton (ASX:BHP) rose 0.6 percent and Rio Tinto (ASX:RIO) rose 0.4 percent, the article stated. The rise was attributed to the weak local dollar.
Unity Mining (ASX:UML) increased 33.3 percent for the week, hitting a five-week high of $0.09. The increase comes after the company’s associate GoldStone Resources announced a surface gold anomaly at the Ngoutu Project in Gabon, the Herald reported.